September 29, 2025
By Andrew Cohen
Amid the ongoing legal fallout of OpenArc’s breakaway move from Merrill Lynch, Dynasty CEO Shirl Penney contends the $129 billion mega-team’s decision represents a “watershed moment” of momentum for the independent RIA model over wirehouses.
Dynasty Financial Partners, an investment bank and RIA services provider, acquired a minority equity stake in Atlanta-based OpenArc Corporate Advisory as part of its breakaway from Merrill Lynch. Merrill has filed a federal lawsuit against OpenArc, Dynasty and OpenArc’s new custodian partner Charles Schwab, alleging they conspired to form a “pre-meditated corporate raid” amid the OpenArc advisor team’s decision to leave the wirehouse.
“We originally were introduced to them [OpenArc] by Diamond Consultants, by Louis and Mindy Diamond,” added Penney, who also discussed OpenArc’s transition on Louis Diamond’s podcast.
Former Merrill employees leading OpenArc include new managing partner Jeff Crowell and senior managing partner Erik Bjerke, while Jim Kaufman will lead the RIA’s charitable fund strategy. Penney has joined OpenArc’s board of directors. Jessica Polito, founder of wealth management M&A advisory Turkey Hill Management, echoed Penney’s sentiments regarding the significance of OpenArc’s large-scale independent move from a wirehouse.
